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Consumers can go online to help determine adequate life insurance coverage

Posted On Thu, September 23, 2010

The untimely death of a loved one isn't something people like to think of. However, planning for the potential loss of the family breadwinner is crucial to a family's financial well-being.

A recent body of research from LIMRA found that 40 percent of American families with children would struggle to pay their bills if the main breadwinner were to pass away. A life insurance policy, however, would help prevent a family from not knowing how they were going to pay for their living expenses.

Determining just how much life insurance a family needs can be difficult for some people to gauge. Nationwide life insurance recently created an online tool to help consumers figure out what amount of coverage they need.

"Though many consumers are focused on immediate financial challenges right now, it's important that they don't lose sight of the critical role that life insurance can play in protecting their family's financial future," says Nationwide Financial senior vice president Peter Golato.

Even after determining how much life insurance a family currently needs, policies should be revisited. In the event of the birth of another child, for example, the amount of life insurance coverage needed will change.

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